Innovative Industrial Properties Inc (NYSE:IIPR) Receives Average Rating of “Buy” from Analysts

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Innovative Industrial Properties Inc (NYSE:IIPR) has earned an average rating of “Hold” from the eight ratings firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $111.80.

A number of research analysts recently weighed in on IIPR shares. LADENBURG THALM/SH SH raised their price objective on Innovative Industrial Properties from $83.50 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Roth Capital raised their price objective on Innovative Industrial Properties from $110.00 to $120.00 in a research note on Monday, July 6th. Zacks Investment Research downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, May 28th. Compass Point raised their price objective on Innovative Industrial Properties from $75.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Finally, JMP Securities raised their target price on Innovative Industrial Properties from $120.00 to $140.00 in a report on Monday, August 17th.

Shares of IIPR traded down $5.46 during midday trading on Tuesday, reaching $117.72. 382,500 shares of the stock were exchanged, compared to its average volume of 269,410. Innovative Industrial Properties has a 12-month low of $40.21 and a 12-month high of $126.92. The firm has a 50 day simple moving average of $110.73 and a 200-day simple moving average of $90.04. The company has a quick ratio of 115.43, a current ratio of 115.43 and a debt-to-equity ratio of 0.14. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 42.35 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.22 by ($0.49). Innovative Industrial Properties had a return on equity of 6.01% and a net margin of 55.69%. Research analysts expect that Innovative Industrial Properties will post 4.95 earnings per share for the current fiscal year.

In other news, Director Scott Shoemaker sold 2,500 shares of Innovative Industrial Properties stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $125.36, for a total transaction of $313,400.00. Following the sale, the director now owns 3,060 shares of the company’s stock, valued at approximately $383,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alan D. Gold sold 15,000 shares of Innovative Industrial Properties stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $125.53, for a total value of $1,882,950.00. Following the sale, the chairman now directly owns 288,586 shares in the company, valued at approximately $36,226,200.58. The disclosure for this sale can be found here. Insiders sold a total of 23,396 shares of company stock worth $2,837,355 in the last ninety days. Insiders own 2.90% of the company’s stock.

Several large investors have recently made changes to their positions in IIPR. Gerber Kawasaki Wealth & Investment Management raised its holdings in Innovative Industrial Properties by 0.4% during the second quarter. Gerber Kawasaki Wealth & Investment Management now owns 32,593 shares of the company’s stock worth $2,868,000 after acquiring an additional 131 shares in the last quarter. Creative Planning raised its holdings in Innovative Industrial Properties by 1.1% during the first quarter. Creative Planning now owns 12,955 shares of the company’s stock worth $984,000 after acquiring an additional 143 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in Innovative Industrial Properties by 23.0% during the second quarter. Mutual of America Capital Management LLC now owns 903 shares of the company’s stock worth $79,000 after acquiring an additional 169 shares in the last quarter. Synovus Financial Corp raised its holdings in Innovative Industrial Properties by 70.8% during the first quarter. Synovus Financial Corp now owns 410 shares of the company’s stock worth $31,000 after acquiring an additional 170 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in Innovative Industrial Properties by 3.2% during the first quarter. Crossmark Global Holdings Inc. now owns 5,850 shares of the company’s stock worth $444,000 after acquiring an additional 180 shares in the last quarter. 74.72% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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Analyst Recommendations for Innovative Industrial Properties (NYSE:IIPR)

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